Mortgage, toans taken to purchase a property, involve regular peyments at fixed intervals and are treated as reverse annualies. Mortgages are the reverse of annulties, because you get a lump-sum amount as a loan in the begirring, and then you make montry parments to the lender. You've desided to buy a house that is valued at 51 million. You have $100,000 to use as a down payment on the house, and want to take out a mortgage for the remainder or the purchase price Your bank has approved your 5900,000 mortgage, and is offering a standard 30 -year mortgage at a 10% fored nominal interest rate (called be loan's annual percentage rate or APR). Under this loan proposal, your mortgage payment will be per month. (Note: Round the final value of any interest rate in percentage form to four dedinal places.) Your friends suggest that you take a 15 -year mortgage, because a 30 -year mortgage is too long and you will pay a lot of money on interest. If your bank approves a 15-year, 5900,000 loan at a fixed nominal interest rate of 10% (APR), then the difference in the monthly payment or the 15 -year mortgage and 30 -year mortgage will be - (Note: Round the rinal value of any interest rate in percantage form to four decimat placus.) It is likely that you won't like the prospect of paying more money each month, but if you do take out a 15 -year mortgage, you will make far fewer payments and will pay a lot less in interest. How much more total interest will you pay over the sfe of the loan if you take out a 30 -year mortgage instead of a 15 -year mortgage? $1,410,444.29$1,101,909.60$1,300,253.33$1,520,635.25 Whidi of the following statements is not true about mortgages? The payment allacated toward principal in an amortized loan is the resid balance-that is, the difference between total payment and the interest due. The ending balance of an amortized loan contract will be zero. Mortgage always have a fixed nominal interest rate. Mortgages are examples of amartized loans